How to draft a sales contract
From requesting contracts to managing sign offs in the contracts, sales reps have to juggle between multiple processes while focusing on their main function: reaching sales targets.
So how do you get started with creating a sales contract that will be easy for you to replicate with every sale?
We break it down for you:
1. Request for a contract
The sales contract process begins with a request from the prospect, who is interested in purchasing from you. This stage starts when the prospect is convinced about your product, agrees to buy from you and asks you to create a sales contract.
The requirements from the prospect differ according to industries, so you may have to tweak it to suit their needs.
2. Creating the contract
The next stage in the sales contract process involves creating and sending out the contract to the prospect. You have to run it by your legal and other business teams involved who have to approve your document before you hit send.
3. Prospect approval
Once the legal teams approve, you send it to the prospect for approval and signature. Prospects may have feedback which may require you to edit parts of the contract.
4. Final review
After a final review by legal teams, the contract is passed to the prospect and finally they sign over the dotted line. Contracts should be reviewed and renewed periodically when the expiry date nears.